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Scottish Trust Deed Forum
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Topic starter
16/07/2014 10:05 am
Hoping someone can help.
Long story short.
My wife and I are getting divorced. We are both in a TD, myslef ending in Oct [:D] hers ending next year.
I am looking to get me name off the mortgage as I dont trust her to keep up payments as previous. I am not looking for anything for the house as I want my son to stay there for school reasons.
I know she wouldnt get re-mortgaged and wondering if there were any other way as I would prefer her to have it for the sake of my son.
Thanks
Davy
16/07/2014 10:50 am
Welcome to the forum Davy1870.
I think that you may struggle to remove your name from the mortgage I'm afraid. This is something you'd have to ask the mortgage lender but, as this will effectively reduce their security, they might not be happy to agree.
The other option is for your wife to get a new mortgage in her name only. This again may be very difficult due to her current trust deed and credit status.
In case you're not aware, being named on a mortgage is not the same as being the owner of a property. If you want the property to transfer solely into your wife's ownership I think you'll need the go-ahead from your trustee and then get a solicitor to handle the legal side of a transfer.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
16/07/2014 12:46 pm
Hi Davy1870
Whatever option you look at will require the consent of your trustee.
It's an interesting point though on a couple of fronts. The bank would need to consent to you being released from the mortgage, even if your wife consents. However the Trust Deed should deal with any future potential liability should it arise.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
16/07/2014 12:57 pm
Is your worry that she will stop paying the mortgage and the property will be repossessed leaving you with a shortfall, Davy1870?
If so then you shouldn't have o worry about that - if there is a future shortfall then the mortgage lender would have to write that debt off as your Trust Deeds, once successfully completed, discharge you from liability for all debts and obligations. It doesn't take away their right to repossess and sell the property, but legally they should not be able to pursue you for any shortfall.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
16/07/2014 5:02 pm
Kevin,
Im just worried that when my trust deed finshies hers will still be going on and if any payments are missed (which has happened) it will hinder me even more trying to rebuild my credit rating.
Is it possible to transfer the name to someone else to take over my share of the house?
Thanks guys for responses.
16/07/2014 7:07 pm
Any change like that will only happen with the approval of the mortgage lender Davy1870.
You may wish to contact them to find out what the possibilities are.
I'm afraid that this idea does seem quite unlikely to be accepted though.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
